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Posts Tagged ‘entrepreneur’
by Terri Levine
Regardless of whether the “small business” is a one-man show or a small business with up to 10 employees, when starting out we tend to concentrate/focus on one or two areas of our business and either are unaware or just forget about the other areas. There are certain mistakes that are common to many entrepreneurs and small business owners – being aware of them is the first step to avoiding them!
Entrepreneurs are bold people who decide to do their own thing against all odds. Often to curtail costs and get things done quickly, they do all kind of jobs required in a business on their own. However, there is a downside to doing all the things on your own. When you try to accomplish everything yourself, you may spend too much time on tasks that are not your core competency. This could mean diluting your focus and getting distracted from your business goals. To overcome this problem, serious entrepreneurs always strive to concentrate on their key business tasks and outsource everything else to the specialists. Here are some of the advantages that serious entrepreneurs can enjoy if they opt for outsourcing.
A comprehensive guide on the what, when and how to outsource
by Nancy Mann Jackson
When Laura Lee Sparks left her job as a law firm manager to launch her own business, she knew from the beginning that there were certain tasks she didn’t want to handle. The owner of Legal Marketing Maven–a firm that helps law firms streamline their practices through outsourcing–Sparks practiced what she preached from the start, hiring an outside bookkeeper and slowly adding to her virtual team of contractors. Within months, her business revenues reached six figures.
“Most entrepreneurs have great talents but many times they think they can do it all,” Sparks says. “That can really stall the growth of the business. By outsourcing the day to day back-office tasks, the business owner has more time to focus on generating income.”
Entrepreneurs have long seen outsourcing as a strategy reserved for big business, but technology has made it a more accessible tool for small businesses–and for some small firms, outsourcing has made a powerful impact on their growth, productivity and bottom lines.
“More small businesses are outsourcing tasks these days because technology has advanced to the point of professionals being able to work from anywhere in the world, coupled with the availability and accessibility of extremely qualified professionals who have decided or been forced to leave the corporate world, [such as] virtual executive assistants, marketing directors, graphic designers, transcriptionists, paralegals, web designers, HR consultants, bookkeepers, PR directors, IT specialists, and the list goes on,” Sparks says. “These freelancers come on board as subcontractors and save the small business owner the burden of paying overhead associated with payroll taxes and expenses such as health insurance and worker’s compensation, as well as the space constrictions that growing a company in-house can present.”
Taking the first steps toward outsourcing can be time-consuming, but figuring out how to build your business with help from outside professionals can offer increased efficiencies and economies of scale. “Progressive entrepreneurs realize the unstoppable power of outsourcing to handle aspects of their business that are essential but simply don’t make sense for them to deal with personally,” says David Walsh, entrepreneur and author of Source Control, an e-book on effective small business outsourcing. “Small business, augmented by a global pool of human capital, can compete directly with the biggest players in their space, and win.”